Integrated Wind Solutions (IWS) Q2 2025 earnings summary

Executive summary

• Achieved record total revenue of €28.5m in Q2 2025, up 13% from Q1 and 126% year-over-year.

• Group EBITDA reached €9.0m, a 71% sequential increase and 463% year-over-year growth, mainly driven by IWS Fleet.

• Net profit rose to €5.4m, up 58% from Q1 and significantly higher than €0.6m in Q2 2024.

• Four vessels operated at 100% commercial uptime; fifth vessel delivered and sixth under construction.

• Fifth vessel, IWS Moonwalker, delivered in June and set to commence charter in September.

Financial highlights

• IWS Fleet revenue was €16.3m, up from €14.2m in Q1 and €4.8m in Q2 2024, with four vessels in operation.

• IWS Services revenue reached €12.0m, a 10% increase from Q1, driven by offshore substation projects.

• Operating expenses for Q2 2025 were €19.4m, with EBIT at €6.9m.

• Cash and cash equivalents stood at €33.0m at quarter-end.

• Book equity: €200.4m; equity ratio: 56%.

Outlook and guidance

• Long-term industry outlook remains strong with double-digit growth, but current market uncertainties are slowing decisions.

• Two additional vessels to enter operation in H2 2025, supporting high revenue visibility into 2027.

• IWS Services expected to increase revenues and improve earnings in H2 2025.

• PEAK Wind revenues for 2025 expected to be in line with 2024, with positive net profit contribution.

• Net profit growth in 2025 will be primarily driven by IWS Fleet.